I live in California and sold my parents' home last year, which was in a trust, incurring a tax loss. I did not have enough income to file a return in April but filed a request for an extension until October 15th. Can I still recover the capital loss with no income, defer reporting the capital loss until I have sufficient income in another tax year, and do I need to file another extension?

December 29th, 2023

I need help with a rental property loss on my Schedule E of my 1040 from 2013 and if I can carry it over to 2014. I am not a real-estate professional but I am actively engaged in maintaining the property. On what line do I put the loss on the Schedule E on my 1040 for 2014?

February 8th, 2023

How to deduct repaving a parking lot for a commercial building, and can this be done under Section 179 or as an expense, or does it have to be depreciated?

May 1st, 2024

If a Chinese company sells products online to the U.S. and builds an inventory in the U.S., what taxes and duties are they responsible for, and should they register as an international company or a U.S. company? Which U.S. state would be most tax-friendly for warehousing?

May 27th, 2024

I filed an extension and paid my estimated taxes on April 15, 2015. I am unsure whether to file my 2014 return today or wait a few days to ensure accuracy. Will there be substantial penalties for filing a few days late? Will this increase the likelihood of an audit? Should I file an e-return now and then file an amended return later if needed, or wait to file a more accurate return in a few days?

February 15th, 2024